Deal Insight
Ithaca buys Siccar Point for up to US$1.46 bn
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*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
Ithaca Energy has acquired private-equity backed Siccar Point Energy for a base consideration of US$1.1 billion in a potentially transformational deal. There are additional contingent payments of up to US$360 million linked to future developments and near-term oil and gas prices. Ithaca will add the Mariner (Equinor operated) and Schiehallion (BP operated) fields to the portfolio as well as the UK's two largest pre-FID projects - Rosebank and Cambo. Ithaca will become operator of Cambo. Siccar Point's US$3 billion tax loss pool will also be transferred. After six years, the sale provides Siccar Point's private equity backers, Blackstone and Bluewater, an exit route. There is a limited pool of UK-focused companies in a position to take on a portfolio of this scale and take on the risks associated with pre-development Cambo and Rosebank. In Ithaca, it has found a credible buyer.
Table of contents
- Executive summary
- Transaction details
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Upstream assets
- Cambo (70%)
- Schiehallion (11.75%) and AMOS (35.3%)
- Mariner Area (8.89%)
- Jade (5.57%)
- Rosebank (20%)
- Deal analysis
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Upsides and risks
- Upsides
- Risks
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Strategic rationale
- Ithaca Energy
- Siccar Point Energy
- Oil & gas pricing and assumptions
Tables and charts
This report includes the following images and tables:
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Executive summary: Table 1Deal analysis: Table 1Deal analysis: Table 2
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Deal analysis: Table 3Oil & gas pricing and assumptions: Table 1Oil & gas pricing and assumptions: Table 2Upstream assets: Table 1
What's included
This report contains:
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